ISLAMABAD: Prime Minister Shehbaz Sharif will travel to Saudi Arabia to participate in the 8th Edition of the Future Investment Initiative (FII), taking place in Riyadh from October 29 to 30, according to a statement from the Ministry of Foreign Affairs.
The FII serves as a vital platform for nations to showcase their economic potential, attract foreign investment, and engage in discussions aimed at fostering a sustainable future.
This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” will focus on global investments addressing key issues such as artificial intelligence, robotics, education, energy, finance, healthcare, and sustainability.
PM Shehbaz will be accompanied by key cabinet ministers and is expected to hold significant bilateral talks with Saudi Crown Prince and Prime Minister Mohammed bin Salman, along with other senior Saudi officials.
Discussions will center on the economic and strategic partnership between Pakistan and Saudi Arabia, exploring cooperation in the economic, energy, and defense sectors. The prime minister is also anticipated to engage with other leaders and entrepreneurs at the FII conference.
Pakistan and Saudi Arabia share a long-standing brotherly relationship, cooperating in various fields, including culture, economy, trade, and defense. Earlier this month, the two countries signed 27 memorandums of understanding (MoUs) worth $2.2 billion across multiple sectors during the visit of Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh to Islamabad.
In April, PM Shehbaz made his first official visit to Saudi Arabia since taking office, where he and Crown Prince Salman agreed to expedite the initial phase of a planned $5 billion Saudi investment package for Pakistan. This commitment underscored Saudi Arabia’s support for Pakistan’s economy and its people.
During a visit from a Saudi delegation in May, PM Shehbaz assured investors of favorable conditions and ease of doing business under the Special Investment and Facilitation Council (SIFC).
The two nations not only maintain strong bilateral ties but have also provided crucial support to each other during economic challenges. For instance, in June of last year, Riyadh deposited $2 billion into Pakistan’s State Bank to help the country access a $3 billion bailout package from the International Monetary Fund (IMF), which was essential to avoid a sovereign default.
